矿山产量增加，双焦震荡走势

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - Downstream: Steel mills' hot metal production rebounded, increasing the demand for coking coal and coke. Steel mills' coke production slightly increased, inventory declined, and available days decreased. The profitability rate of steel mills last week was 38.96%, a decrease of 0.87 percentage points from the previous week and 18.62 percentage points from the same period last year. The daily average hot metal production was 236.88 tons, an increase of 2.66 tons from the previous week and 0.94 tons from the same period last year. The daily average coke production was 46.17 tons (a week - on - week increase of 0.08 tons), with a capacity utilization rate of 85.14% (an increase of 0.15%). Coke inventory was 622.4 tons (a decrease of 4.24 tons), and the available days for coke were 11.06 days (a decrease of 0.01 days) [1][5]. - Midstream: Coking enterprises continued to operate at a loss, and their production willingness was average. The fourth round of price increases was basically implemented last week. Due to the strong coking coal, the losses of coking enterprises increased, and coke production decreased. The average national profit per ton of coke was - 34 yuan/ton (a week - on - week decrease of 12 yuan/ton), and the average profit of Shanxi quasi - first - grade coke was - 20 yuan/ton (a decrease of 17 yuan/ton). The capacity utilization rate last week was 71.64% (a decrease of 0.67%), and the daily average coke production was 63 tons (a decrease of 0.59 tons) [1][6]. - Upstream: In the coal mines, production accelerated, and the supply of coking coal increased, effectively alleviating the supply shortage. The utilization rate of the approved production capacity of 523 coking coal mine samples was 86.3%, a week - on - week increase of 2.5%. The daily average production of raw coal was 1.92 million tons, a week - on - week increase of 56,000 tons. The raw coal inventory was 4.346 million tons, a week - on - week increase of 153,000 tons. The daily average production of clean coal was 757,000 tons, a week - on - week increase of 19,000 tons, and the clean coal inventory was 1.651 million tons, a week - on - week decrease of 5,000 tons [1][6]. - Overall: Coal mine production resumed, and coking coal production rebounded from a low level. The fourth round of coke price increases was implemented, and coking enterprise production was relatively stable. The hot metal production of downstream steel mills increased week - on - week, but steel entered the off - season, and the expected demand for raw materials weakened. Overall, the supply of coking coal and coke increased marginally, market sentiment declined, and the futures prices were expected to show a volatile trend [1][6]. 3. Summary by Directory 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (lots) | Total Open Interest (lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3053 | 19 | 0.63 | 4907951 | 2731199 | Yuan/ton | | SHFE Hot - Rolled Coil | 3256 | 11 | 0.34 | 1702672 | 1302507 | Yuan/ton | | DCE Iron Ore | 772.5 | 12.0 | 1.58 | 1423894 | 494127 | Yuan/ton | | DCE Coking Coal | 1192.0 | - 78.0 | - 6.14 | 5024636 | 941024 | Yuan/ton | | DCE Coke | 1669.5 | - 87.0 | - 4.95 | 107554 | 48736 | Yuan/ton | [3] 3.2 Market Review - Last week, the coking coal and coke futures fluctuated and weakened. Although the hot metal production of steel mills rebounded, the increase in mine production alleviated the expected supply shortage of coking coal and coke, and the futures prices fluctuated at high levels [5]. 3.3 Industry News - From January to October 2025, Mongolia's cumulative coal export volume was 69.7343 million tons, a year - on - year increase of 1.81%. The export value was 4.487 billion US dollars, a year - on - year decrease of 39.43%. The average export price was 64.35 US dollars/ton, a year - on - year decrease of 43.82 US dollars/ton [10]. - From January to October, the national real estate development investment was 7.3563 trillion yuan, a year - on - year decrease of 14.7%. The housing construction area of real estate development enterprises was 6.52939 billion square meters, a year - on - year decrease of 9.4%. Among them, the residential construction area was 4.55253 billion square meters, a decrease of 9.7%. The new housing construction area was 490.61 million square meters, a decrease of 19.8%. Among them, the new residential construction area was 359.52 million square meters, a decrease of 19.3%. The housing completion area was 348.61 million square meters, a decrease of 16.9%. Among them, the residential completion area was 248.66 million square meters, a decrease of 18.9%. The sales area of newly built commercial housing was 719.82 million square meters, a year - on - year decrease of 6.8%. Among them, the residential sales area decreased by 7.0%. The sales volume of newly built commercial housing was 6.9017 trillion yuan, a decrease of 9.6%. Among them, the residential sales volume decreased by 9.4% [10]. - From January to October, the national fixed - asset investment (excluding rural households) was 4.08914 trillion yuan, a year - on - year decrease of 1.7%. In the secondary industry, industrial investment increased by 4.9% year - on - year. Among them, mining investment increased by 3.8%, manufacturing investment increased by 2.7%, and investment in the production and supply of electricity, heat, gas, and water increased by 12.5%. In the tertiary industry, infrastructure investment (excluding the production and supply of electricity, heat, gas, and water) decreased by 0.1% year - on - year. Among them, pipeline transportation investment increased by 13.8%, water transportation investment increased by 9.4%, and railway transportation investment increased by 3.0% [10]. 3.4 Related Charts - The report includes multiple charts such as the basis trend of coke, the futures and monthly spread trend of hot - rolled coils, the daily average production of independent coking plants, the capacity utilization rate of independent coking enterprises, the daily average hot metal production, and various inventory and profit - related charts [8][12][14]